UK helps Vietnam implement int’l arbitration standards
The UK’s Commonwealth Fund will help the Vietnamese Ministry of Justice enhance its capacity via a project on implementing international arbitration standards.
Hanoi (VNA) – The UK’s Commonwealth Fundඣ will help the Vietnamese Ministry of Justice enhance its capacity via a project𓆉 on implementing international arbitration standards.
The move aims to boost Vietnam’s economic development by improving the domestic investment and business climate, the Quan Doi Nhan Dan (People’s Army) newspaper cited a press release issued by the UK Embassy on July 20 as saying.
UK Ambassador Giles Lever noted his hope that with the technical assistance, the ministry will outstandingly carry out the project’s activities.
Outcomes brought about by the project are expected to exert long-term impacts on policy and rule building in Vietnam in order to increase the efficiency of the recognition and observance of decisions made by international arbitrators in the country, he said.
According to the Vietnam International Arbitration Centre (VIAC), arbitration is conducted in 146 countries. In Vietnam, up to 124 legal proceedings were resolved by the VIAC between 1993 and 2014.
Vietnam has 288 arbitrators, along with seven centres in Hanoi, Ho Chi Minh City and the Mekong Delta city of Can Tho.-VNA
The Law on Commercial Arbitration Law recently passed by the National Assembly will provide an important legal foundation for businesses to minimise the risks of disputes.
An official document regulating the settlement of international investment disputes ratified by Prime Minister Nguyen Tan Dung will come into effect on March 3.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
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Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
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A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
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The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
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The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
Illustrative image (Source: viac.vn)
